Market Vectors Solar Energy ETF (KWT)

The Market Vectors Solar Energy ETF (KWT) started trading in late April 2008. It tracks the Ardour Solar Energy Index, minus expenses and fees. Its approach in tracking the index is full replication. The ETF attempts to own all of the index's components.

The Ardour Solar Energy Index measures the performance of corporations deriving at least two thirds of their revenues from solar cells, solar heating, or solar lighting. Components must have market caps over $100 million, free floats over $50 million, and an average daily trading volume of at least $1 million. Index components may include stocks traded on international exchanges.

The ETF is passively managed, with an expense ratio of 0.65%. Expenses are capped at 0.65% until May 2009, after which they may be higher.

The ETF has not paid dividends in the past.

As of August 2008, the Market Vectors Solar Energy ETF holds all 34 stocks in its underlying index. Its holdings are listed below.